How Do I Minimize Taxes on Severance Payments?

Описание: If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man.

This video will go through the top three ways to minimize the taxes you will have to pay on your severance package.

00:30 -- Transfer your severance payments to your RRSP
01:00 -- Do not take a lump sum cash severance payment
01:30 -- If you paid legal fees to collect your severance, than you can deduct those legal fees on your tax return

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Disclaimer:
The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.